Title
XAUUSD H4 | Potential bullish reversal
Type
Bullish Bounce
Preference:
Price is falling to our pivot point of 1954.785 which is an overlap support level that aligns with a 50% Fibonacci retracement, A reverse from here, price could rally to 1st resistance at 1966.088 which is a multi swing high resistance
Alternative scenario:
However if price breaks below the pivot, it could fall to 1st support at 1938.659 which is a multi swing low support
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.